Falcone's LightSquared raises $265 million in funding

NEW YORK (Reuters) - LightSquared, the telecom start-up backed by Philip Falcone's Harbinger Capital hedge fund, said on Tuesday that it has raised $265 million in funding from existing and new investors.

The company, which needs billions of dollars of additional funding for a high-speed wireless network it is planning, plans to use the funding for corporate purposes including network construction, it said.

However, LightSquared also needs to resolve interference problems with GPS services before it can gain approval from U.S. regulators to go ahead with the network.

The company, which has been largely bankrolled by Harbinger, said that it has raised $2.3 billion over the last 12 months.